Reserve Bank of Zimbabwe Hires Dormant Company to Audit Gold Reserves—Raising Alarming Questions About Transparency
Harare, Zimbabwe – Thursday, February 15, 2025
By Business Reporter | ZimEye | The Reserve Bank of Zimbabwe (RBZ) has hired BDO International Limited, a company registered as dormant with zero bank balance, to audit the country’s gold reserves—a move that raises serious concerns about transparency, credibility, and accountability in light of the recent Gold Mafia documentary revelations.
A Dubious Choice for a High-Stakes Audit.
https://x.com/zimeye/status/1890346520064503815?s=46
https://x.com/zimeye/status/1890346520064503815?s=46
Documents obtained by ZimEye reveal that BDO International Limited, the firm tasked with auditing Zimbabwe’s gold reserves, is listed as a dormant company with no assets or reserves. According to its financial filings for the year ending December 2023, the company has been inactive and has no financial activity—raising the question: Why would the RBZ entrust a multi-billion-dollar gold reserve audit to a company with no financial standing?
The BDO Zimbabwe auditor’s report, dated December 31, 2024, states that the bank held 85,843.38 ounces (2.67 tonnes) of gold valued at US$223,784,913.34 (ZWL$ 773,315,086.82). However, the fact that this audit was conducted by a firm with no financial track record raises suspicions about the integrity of the report.
A Government Attempt to Cover Up Gold Looting?
This revelation comes in the wake of the Gold Mafia documentary, which exposed the looting and smuggling of billions in gold reserves to the UAE and other illicit channels. The hiring of a financially inactive firm suggests that the Zimbabwean government may be using a weak or compromised auditor to rubber-stamp figures and restore credibility after the corruption scandal.
Key Questions That Demand Answers
1. Why did the Reserve Bank of Zimbabwe hire a dormant company with no financial activity to audit the nation’s gold reserves?
2. How was this auditor selected, and was there a transparent bidding process?
3. Is this part of a wider attempt to sanitize and manipulate financial reports following the damning corruption allegations?
4. How credible are the gold reserve figures, given the auditor’s lack of operational capacity?
5. Will the Zimbabwean government allow an independent, internationally recognized auditing firm to verify the nation’s gold holdings?
Implications for Zimbabwe’s Financial Credibility
The RBZ’s decision to use a questionable auditing firm could have severe consequences for Zimbabwe’s already fragile economy. With widespread corruption, hyperinflation, and dwindling investor confidence, any hint of financial misrepresentation could further isolate Zimbabwe from global financial institutions and deter potential investors.
Economists and financial analysts warn that if Zimbabwe is found to be manipulating its gold reserves, it could face sanctions, trade restrictions, and exclusion from international financial markets.
Public Outrage and Calls for Independent Oversight
Civil society groups and opposition leaders have already expressed outrage, calling for an independent forensic audit of Zimbabwe’s gold reserves by internationally recognized firms such as Deloitte, PwC, or KPMG.
“This is yet another blatant attempt by the Zimbabwean government to manipulate financial data and cover up corruption,” said an opposition spokesperson. “If the government has nothing to hide, why not bring in a credible international auditing firm?”
Conclusion: Another Scandal in the Making?
With Zimbabwe’s economy at a critical juncture, the hiring of a dormant company with zero bank balance to audit multi-billion-dollar gold reserves reeks of a deliberate cover-up. As calls for transparency grow louder, the government must either justify its decision or submit to a truly independent audit—or risk further damage to Zimbabwe’s already battered reputation.
The RBZ was reached for comment.
For now, questions remain unanswered, and Zimbabweans deserve the truth about their nation’s gold reserves.